ATLANTA—RADCO is on anmultifamily roll, acquiring a string ofapartment assets in the Southeast in the last fewweeks. RADCO purchased two multifamily propertiesin metro Atlanta and two more in Anderson, SC. All told, the firm'sportfolio includes 26 multifamily communitiescontaining 7,133 multifamily units in six citiesin the Southeast and the Midwest.

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RADCO grabbed two the 439-unit Keeneland Farms and 114-unitBrown Ridge from Fannie Mae for $33.2 million. The company financedthe purchase through a blend of Fannie-provided bridgedebt and financing from Hamilton StateBank, as well as its own private equity.

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“Fannie Mae has done a good job stabilizing these twocommunities,” says RADCO founder and CEO Norman J.Radow. “It expects us to take these well-locatedproperties to the next level with a substantial infusion of capitaland superior execution. And that's exactly what we are going todo.”

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Originally developed in 1972, Keenland sits on 44.4 acres inSmyrna, GA. Brown Ridge, which sits on 16 acres in Newnan, GA, wasbuilt in three phases from 1976 to 1988. RADCO has committed toinvesting $5.8 million to renovate and improve themultifamily properties.

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RADCO also bought 316 units in two multifamilyproperties in South Carolina's Upstate region. The firm acquiredthe 180-unit Country Club and 136-unit Cobblestone for about $11million from two limited liability companies. These deals markeRADCO's first acquisitions in South Carolina.

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“Country Club and Cobblestone are Class C+ properties, but inClass A locations,” says Radow. “Anderson is home to more than 230major manufacturers and 22 international corporations. Since therehave been no new apartment deliveries in the city since 2011, RADCOwill be able to quickly upgrade and reposition these well-locatedproperties to meet the unmet market demand for qualityhousing.”

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Built in 1974, the multifamily assets are lessthan half a mile from each other. Country Club is off ClemsonBoulevard, Anderson's main thoroughfare, and across the street fromthe 671,000-square-foot Anderson Mall. Cobblestone is located onMiracle Mile Drive in a retail hubs.

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RADCO plans to invest nearly $3 million to renovate and improvethese properties. The firm has acquired nine multifamily propertieswith 2,264 units so far this year.

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